RBI provides AU Small Finance Bank to deal with foreign currency

By siliconindia  |  Wednesday, 19 April 2023, 05:22:36 PM IST

RBI provides AU Small Finance Bank to deal with foreign currency
AU Small Finance Bank stated it obtained permission from the Reserve Bank of India to engage in foreign exchange. Reserve Bank of India vide its letter dated April 19, 2023, issued a Licence to act as Authorized Dealer Category-I (AD-I) under section 10 of FEMA, 1999 to deal in currency, AU Small Finance Bank said in a regulatory filing.
The permission is subject to compliance of applicable regulations, it said. Recently, RBI approved the reappointment of Sanjay Agarwal as managing director and CEO of AU Small Finance Bank for a period of three years.
The re-appointment is valid with effect from April 19 till April 18, 2026, AU Small Finance Bank said in a statement. Besides, it said the regulator has also cleared the reappointment of Uttam Tibrewal as the whole-time director for a period of three years.

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